Dubai-based Gulf Navigation Holding has signed a three-month agreement with an as yet unnamed gas company in the Middle East to provide a wide range of logistics, transportation and marine services for a gas field project in Sharjah.
Under the terms of agreement, Gulf Navigation will supply an Emergency Response & Rescue Vessel and an Anchor Handling Tug Supply Vessel for the duration of the project. Furthermore, the company will provide marine and port services, and will also work closely with the Sharjah Port Authority to offer vessel registration and a berthing plan while further undertaking port and custom clearance activity from the vendor base to the Hamriyah Free Zone and vice versa. Gulf Navigation will additionally handle immigration clearance processes covering crew changes and the necessary visa arrangements.
The company has also recently announced very positive results for 2021, reporting a net profit of AED 60 million compared to a net loss of AED 285 million in 2020. This shift to profitability follows major changes in its operational model and a focus on profitable operations, through new and flexible contracts and partnerships with key customers. The management’s negotiations with lenders and subsequent restructuring of the company’s debts is reflected positively in the company’s results. Loans worth more than AED 300 million were restructured and refinanced under new and flexible terms that support the company’s financial and operational performance for the coming years.
Looking to the future, the company says it is studying several options to enter into new investments in the field of petrochemical tankers and dry bulk carriers, enhancing its ability to enter new markets and expand its customer base by modernising the company’s maritime fleet.